John M. Dearth Phone: (317) 506-3346 Email: jdearth@spectrummtg.net
Financing Program Guideline Quick Reference Guide
|
Guideline |
FHA |
USDA |
VA |
Conventional |
HomeReady Conventional |
Within Reach FHA |
Within Reach Conventional |
|
Credit Score |
500/No Score |
620/No Score |
500 |
620 |
620 |
620 |
620 |
|
Max Loan Amount |
$322,00 |
N/A |
$453,100 |
$453,100 |
$453,100 |
$322,000 |
$453,100 |
|
Down Payment |
3.5% |
$0 |
$0 |
3% Min. |
3% |
3.5% +1% toward closing costs and pre-paids |
3.5% +1% toward closing costs and pre-paids |
|
Mortgage Insurance |
1.75% upfront; .85% monthly |
1.0% upfront; .35% monthly |
2.15% 1st time use; 3.3% subsequent use (can be lower w/ down payment or zero w/ VA Disability) |
Varies by credit score *MI buyout option* |
Varies by credit score *MI buyout option*
|
1.75% upfront; .85% monthly
|
Varies by credit score *MI buyout option*
|
|
Max Seller Concessions |
6% |
6% |
4% (Can be higher) |
3%
|
3%
|
6%
|
3% |
|
Income Limits |
No |
By county |
No |
No |
By county |
By county |
By county |
|
Must be 1st Time Homebuyer |
No |
No
|
No
|
No
|
No
|
No
|
No
|
|
Additional Fee |
No |
No |
No |
No |
No |
1% + $500 Proc |
No |
|
Foreclosure/ Short Sale Eligibility |
3 Years (From sheriff's sale date) |
3 Years |
2 Years |
7 Yrs. Foreclosure 4 Yrs. SS |
7 Yrs. Foreclosure 4 Yrs. SS |
3 Years |
7 Yrs. Foreclosure 4 Yrs. SS |
|
Bankruptcy Eligibility |
Ch7=2 yrs; Ch13=1yr of pymts and trustee approval |
Ch7=3 yrs; Ch13=1yr of pymts and trustee approval |
Ch7=2 yrs; Ch13=1yr of pymts and trustee approval |
Ch7=4 yrs Ch13=2 yrs |
Ch7=2 yrs; Ch13=1yr of payments and trustee approval |
Ch7=2 yrs; Ch13=1yr of pymts and trustee approval |
Ch7=4 yrs Ch13=2 yrs
|
|
Gift Funds |
Acceptable |
Acceptable |
Acceptable |
Acceptable |
Acceptable |
Acceptable |
Acceptable |
|
Collections |
Follow DU |
Follow GS |
Follow DU |
Follow DU |
Follow DU |
Follow DU |
Follow DU |
|
Deferred Student Loans |
Must include in DTI/1% of balance |
Must include in DTI/1% of balance |
Can exclude payment if "deferred" longer than 12 months past closing |
Must include in DTI |
Must include in DTI |
Must include in DTI |
Must include in DTI |
*Program Guidelines are subject to change
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© Copyright. All rights reserved. Spectrum Mortgage Services | Address: 9616 Day Dr #110 | Indianapolis, IN 46280
Aaron Campbell: Phone: (317) 506-0886 | Fax: (317) 849-2313 | Email: acampbell@spectrummtg.net
John M. Dearth: Phone: (317) 506-3346 Email: jdearth@spectrummtg.net
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